http://www.federalreserve.gov/newsevents/press/monetary/20110921a.htm
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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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6 comments:
It is quite the disappointment that what will undoubtedly be three straight years of an unemployment rate over 7% isn't considered unusual or exigent.........
What if this is as good as it gets?
This as in what? As in 9.1% unemployment? This doesn't have to be France, does it?
If by this you mean operation twist part deux, it wont be as good as it gets b/c the markets and public wont allow it to be all after its (lack of) effects are shown. Bernanke needs to go read some of his own writings regarding Japan. I can not wait until is memoirs are published.
BTW, didn't I read that Kocherlakota was done dissenting after the initial "mid-2013" statement?
If he said that he misled people. I think he and Fisher and Plosser are of the opinion that the Fed has shot its bullets. I agree.
Out of ammo? Not according to S Sumner. Hey Doc, even ya' boy JD Hamilton recently asked for an explicit price level growth rate and another round of LSAP. The Fed seems to have given up on the American peeps. You can bet he has a seat waiting for them in the Princeton Econ dept. after his tenure as chairman - while the rest of the country is standing in the unemployment line.
Well I have been very clear regarding the threat of deflation and what the Fed should do there. And operation Twist or QEIII or QE XXII, at this point in time, if the only effect is to lower the long-term rate by 10 basis points, then on the margin what good will that do? Not much in my book. Our problems now are not monetary in nature. Oh and throw Jesus in there too as "my boy."
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